Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, said its Executive Chairman Pawan Munjal volunteered to reduce his fixed salary by 20% following separation of chairman and chief executive officer roles.

The updated remuneration of Munjal will be effective from 1 January 2024, Hero MotoCorp said in a stock exchange announcement. It didn’t provide the revised remuneration details.

Munjal’s total remuneration stood at 99.55 crore rupees ($12 million) in the financial year 2022-23, according to Hero MotoCorp’s FY23 Annual Report.

His basic salary was 24.29 crore rupees, while perquisites, allowances & retirals stood at 38.41 crore rupees and commission (fixed) was 36.85 crore rupees.

The development comes after Munjal earlier this year decided to separate the roles of chairman and CEO and the company appointed Niranjan Gupta as CEO, effective 1 May 2023. Previously, Gupta served as chief financial officer and head of strategy and M&A.

Remuneration of other key executives is as under:

(Note: $1 = 83.2813 Indian rupees)

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